Blockchain.com closes custody of crypto for Russians under EU sanctions

Blockchain.com will soon shut down accounts of Russian nationals, as companies like Binance also scramble to enforce new EU sanctions 'EU.

Crypto wallet provider Blockchain.com is the latest company to soon stop providing services to Russian nationals due to the latest European Union sanctions.

Blockchain.com has informed its users that it will close the accounts of Russian nationals in two weeks, local news agency RBC reported on October 14.

According to the report, Blockchain.com will allow Russian users to withdraw their funds until October 27, 2022. After that date, accounts of Russian nationals would be blocked.

The statement highlights that Blockchain.com is currently prohibited from providing custodial and reward services to Russian citizens under the eighth set of EU sanctions against Russia.

Unlike previous sanctions, which only limited crypto payments between Russia and the EU to around $9,700, or 10,000 euros, the latest package completely bans cross-border crypto payments between Russians and the EU. The new sanctions were imposed on October 6.

Blockchain.com's services are not limited to custodial services. Blockchain.com also operates a non-custodial wallet, which is ideally designed to give users full control over their assets while the company does not have access to wallet data. In addition to the non-custodial wallet, Blockchain.com also operates custodial trading accounts, which allow users to buy and sell crypto on the platform.

It remains unclear if Russian clients will be able to retain access to their non-custodial wallets on Blockchain.com. The firm did not immediately respond to Cointelegraph's request for comment.

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